Cabinet green lights import of spices for re-export

Thursday, 13 June 2024 01:39 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers has approved a set of recommendations aimed at boosting the country’s spice reprocessing industry.

This decision was made following a meeting on 18 March 2024, where the Finance, Economic Stabilisation and National Policies Ministry Secretary instructed a review of the Import and Export Control Regulations No. 3 of 2024.

“The review instructed by the Finance Ministry Secretary was conducted by the Secretaries of the Ministry of Investment Promotions and the Ministry of Agriculture and Plantation Industries. Their findings were presented in a detailed report, leading to the Cabinet’s approval of the proposal by President Ranil Wickremesinghe,in his capacity as the Finance, Economic Stabilisation and National Policies Minister,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the weekly post-Cabinet meeting media briefing yesterday.

Key recommendations approved include: 1) Providing an opportunity to import selected spices for reprocessing and re-export to businesses approved by the Board of Investment under the procedure for the import and processing of selected spices and re-export the same in the form of oil

extraction, oleoresin and residue; and 2) Issuance of Import and Export (Control) Regulations under the provisions of the

Import and Export (Control) Act No. 1 of 1969 for the above purpose.

“Sri Lanka is known for its spices for centuries apart from its traditional export products which are tea, rubber and coconut. However, given the local production, it is not sufficient to cater to the growing demand globally. By leveraging the reprocessing capabilities within the country, Sri Lanka seeks to strengthen its position in the global spice market and boost export earnings,” he explained.

In 2023, Sri Lanka exported spices and concentrate products valued at a total of $397.78 million. During the first four months alone, exports amounted to $87.48 million.

Gunawardena assured that the imported spices will not be released to the local market and stringent measures are taken for this special permit.